Nigeria aims to meet 2.3mbpd crude for 2019 budget benchmark

Security situations of the past in areas of operation made it difficult to achieve desired production targets
TO GO WITH AFP STORY BY FLORIAN PLAUCHEUR Workers rehabilitate the new Port Harcourt refinery built in 1989 at the same site where the first refinery in Nigeria was built in 1965 in oil rich Port Harcourt, Rivers State, on September 16, 2015. The Port Harcourt refinery is Nigeria’s oldest, built in 1965, nine years after crude was first found under the marshy soil and creeks of the delta, where the Niger river meanders to the Gulf of Guinea. Refineries in nearby Warri and Kaduna in the north central region were built in the years that followed, while a new plant was added to the same site in Port Harcourt in 1989. In recent years, however, it became a byword for corruption, a murky, state-run body where billions of dollars in revenue apparently disappeared. AFP PHOTO/PIUS UTOMI EKPEI (Photo by PIUS UTOMI EKPEI / AFP)

The Nigerian National Petroleum Corporation (NNPC) has announced that the oil industry will achieve the 2.3 million barrels per day production volume target for the 2019 budget.

Group Managing Director of the NNPC, Dr. Maikanti Baru, who stated this on Wednesday at a presentation to the Nigerian Senate Committee on Finance on the 2019-2021 Medium Term Expenditure Framework (MTEF),  says that measures are in place to attain the set mark.

Baru stated that with improved security in oil-bearing communities as  a result of sustainable community partnership, the industry was  confident of attaining the production target.

Group General Manager, Corporate Planning and Strategy of the corporation, Bala Wunti, says although the country had production capacity of over 2.5mbd, unfortunate security situations of the past in areas of operation made it difficult to achieve desired production targets.

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On the likely impact of the Organisation of the Petroleum Exporting Countries (OPEC) quota on Nigeria’s production target, the NNPC GMD states that the production target of 2.3 million barrels per day is a combination of liquid hydrocarbon production comprising crude oil and condensate, noting that the OPEC quota only covers crude oil production.

He further stated that with Nigeria’s condensate production currently oscillating between 400,000 to 600,000 barrels per day, the country is  in a good position to attain the overall production benchmark.

Baru stressed that the NNPC’s mandate on the MTEF was on the key thematic indicators of Production Volume, Crude Oil Price and Unit Crude Oil production Cost.

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